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FINANCIAL LITERACY FOR REMITTANCE RECEIVERS


Background
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To complement the training for remittance senders, SEDPI will deliver the Financial Literacy for Remittance Receivers in the Philippines. The course aims to reduce remittance receivers’ dependency on remittances and facilitate their access to financial services from MFIs. Remittance receivers will be informed of various MFIs in their areas through which they can save, access loans, and purchase microinsurance products, among others.


Objectives

The specific course objectives are (1) to raise remittance receivers’ awareness of the temporary nature of remittance income and how dependence on remittance might increase their financial vulnerability in the long term; (2) to build participants’ knowledge and skills in managing remittance flow and in using it more effectively to match their financial goals; (3) to inculcate the value of placing remittances in a formal financial institution that will serve as an entry point to the financial sector; (4) to engage the participants to leverage on other MFI financial products, from personal savings to loans; and (5) to encourage participants to make decisions in managing financial services.
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  • Three Stages of the Migration Cycle
  • Use of Remittance
  • Remittance as Source of Income
  • Cost of Dependency on Remittance
  • Management of Remittance
  • Setting Financial Goals
  • Crafting a Savings Plan
  • Budgeting
  • Financial Products for Remittance Receivers
  • Microinsurance for Remittance Receivers

Choosing Appropriate Remittance Providers SEDPI employs adult learning techniques and structured learning experiences that will enhance the participants’ knowledge and skills. Participants will also learn practical and readily applicable tools as aids towards achieving their financial goals.

SCCI will run Financial Literacy for Remittance Senders in Europe, mainly in the Netherlands, Spain, Italy, Germany, Belgium, Luxembourg, and France. The program is also being scheduled in the United States, United Arab Emirates, Singapore, Taiwan, and Hong Kong. SCCI has touched base with Filipino migrant organizations in these countries for coordination.
 
 
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